U.S. Bitcoin ETFs Nearing Approval as Exchanges File Amended Documents
U.S. spot bitcoin exchange-traded funds (ETFs) are edging closer to launch as the exchanges that will list them have filed amended documents, indicating they anticipate approval from the U.S. Securities and Exchange Commission (SEC) in the coming days.
The amended 19b-4 filings, filed by BlackRock, Grayscale, Fidelity, and other issuers, come after last month’s amended S-1 filings, which addressed feedback from the SEC. More than a dozen applicants are vying to launch the first spot bitcoin ETFs in the U.S., and it is likely that multiple issuers will be approved simultaneously.
Individuals at two different issuers told CoinDesk on Thursday that their companies expect approvals sometime next week. While filing the amendments does not guarantee approval, they expressed optimism about the process.
One of the individuals stated that a final deadline for SEC action for at least one application, by Ark 21 Shares, is Jan. 10, suggesting that the regulator may approve all of the final applications it is comfortable with by that date.
Grayscale spokeswoman Jenn Rosenthal commented on the filing, saying, “This filing is another important step towards uplisting GBTC as a spot bitcoin ETF.” She also added that Grayscale continues to work collaboratively with the SEC and stands ready to operate GBTC as an ETF upon receiving regulatory approvals.
The news comes after Bloomberg reported that the SEC’s commissioners are “expected to vote on the exchange-rule filings next week.” Both the 19b-4 filings and the S-1 filings need to be approved by the regulatory agency before the ETFs can officially launch.
With the anticipation building for the approval of U.S. bitcoin ETFs, it appears that investors may soon have a new way to gain exposure to the popular cryptocurrency through regulated investment vehicles. Jesse Hamilton contributed reporting to this article.